Financial services firm Nationwide Building Society has provided £15m ($16.9m) of series B funding for UK-based banking software provider 10x Future Technologies.
The investment was made as part of a larger round featuring unnamed strategic and financial investors that is expected to be announced imminently, undisclosed sources have told Sky.
Founded in 2016, 10x has developed a cloud-based software platform that allows banks to connect to and leverage third-party services to create tailored products for their customers.
Nationwide has will also partner 10x on the design of a digital platform for its new business current account, which is targeting the UK’s small-to-medium enterprises.
Joe Garner, chief executive of Nationwide Building Society, said: “We believe we can become the game changer in the business current account market – just as we have for personal accounts.
“As a mutual and as a building society we are uniquely focused on our members and meeting their changing needs. Serving people on their terms and to a high standard is at the heart of what we stand for, which is why we are investing in both technology and a truly national branch network.”
Insurance group Ping An led the company’s $46m series A round in September 2017, investing alongside management consulting firm Oliver Wyman and unnamed other investors.